Wrap Text
Report for the quarter ended 31 March 2019
MC Mining Limited
Previously Coal of Africa Limited
(Incorporated and registered in Australia)
Registration number ABN 008 905 388
ISIN AU000000MCM9
JSE share code: MCZ
ASX/AIM code: MCM
ANNOUNCEMENT 29 April 2019
REPORT FOR THE QUARTER ENDED 31 MARCH 2019
DEVELOPMENT OF MAKHADO PHASE 1 APPROVED
MC Mining Limited (“MC Mining” or the “Company”) which operates in South
Africa, together with its subsidiaries, hereby provides its update for the
three months ended 31 March 2019, the third quarter (the “Quarter”) of the
30 June 2019 financial year. All figures are denominated in United States
dollars unless otherwise stated. Safety metrics are compared to the preceding
quarter while financial and operational metrics are measured against the
comparable period in the previous financial year. A copy of this report is
available on the Company's website, www.mcmining.co.za.
Salient operational features
- Three lost-time injuries (“LTIs”) were recorded during the Quarter (FY2019
Q2: one LTI) at the Uitkomst metallurgical and thermal coal colliery
(“Uitkomst Colliery” or “Uitkomst”). A number of initiatives were launched
during the Quarter to reinforce appropriate safety awareness at Uitkomst;
- Uitkomst Colliery run of mine (“ROM”) coal production of 113,190 tonnes
(“t”) is 2.2% lower than FY2018 Q3’s 115,750t and the full effect of
mining cycles implemented during the Quarter will continue to be assessed
during the June 2019 quarter;
- Sales of metallurgical and high quality thermal coal of 70,271t, in line
with the prior year comparative period’s 70,627t;
- Uitkomst sold 8,315t (FY2018 Q3: nil) of a high ash middlings product
following the completion of plant modifications during the Quarter;
- Revenue per saleable tonne declined 14% to $75/t (Q3 FY2018: $87/t) as
international coal prices were adversely affected by geo-political
dynamics that affected Australian coal shipments to China, impacting
short-term global supply and demand;
- As expected, no coal was purchased from third parties due to supply
contracts expiring in FY2018 (FY2018 Q3: 8,838t);
- Satisfaction of the conditions for the acquisition of the Lukin and
Salaita properties resulting in their transfer to Baobab Mining &
Exploration (Pty) Ltd (“Baobab”), the owner of the flagship Makhado hard
coking and thermal coal project (“Makhado Project” or “Makhado”).
- Completion of the front-end engineering and design (“FEED”) process for
Phase 1 of the Makhado Project;
- MC Mining board conditionally approved the phased development of the
Makhado Project with construction of Phase 1 anticipated to commence in
Q3 CY2019 and expected to yield 0.54 million tonnes per annum (“Mtpa”) of
hard coking coal (“HCC”) and 0.57Mtpa of export quality thermal coal; and
- Vele coking and thermal coal colliery (“Vele Colliery”) remained on care
and maintenance during the Quarter.
Corporate and financial features
- Appointment of Sebastiano (Sam) Randazzo as a non-executive director of
the Company’s board during the Quarter;
- Premium HCC prices averaged above $200/t during the period (Q3 FY2018:
$228/t) while South African API#4 thermal coal prices were adversely
affected by geopolitical dynamics and average prices for the Quarter were
$83/t (Q3 FY2018: $94/t); and
- Available cash at Quarter-end of $4.7 million ($5.4 million at the end of
December 2018) with restricted cash of $0.03 million.
Subsequent events
- Coal purchase agreement signed with one of the world’s largest producers
and marketers of bulk commodities for the export quality thermal coal to
be produced by Phase 1 of the Makhado Project; and
- Dismissal of appeals against amendments to Makhado’s Environmental
Authorisation, reaffirming the project’s permitted status and
facilitating the transport of coal by road rather than rail.
David Brown, CEO commented:
“The lack of access to key properties delayed the development of the Makhado
Lite Project for approximately one year. This coincided with management’s
assessment of various alternative strategies to progress the project,
including its phased development.
The significant progress achieved on the Makhado Project resulted in the
Company’s directors conditionally approving its phased development. This
approach significantly reduces the Company’s capital requirements by
utilizing the existing Vele processing plant and together with the completed
FEED process and development of the west pit, moderates execution risk and
shortens the construction time. These measures condense the period for
delivery of saleable coal to market and reflects Makhado’s ability to 3
generate significant near-term value for shareholders by taking advantage of
predicted positive future coking coal prices.
The construction of Makhado Phase 1 will make MC Mining the pre-eminent South
African producer of high-grade metallurgical coal, a key ingredient
contributing to the manufacture of steel, and trading at a significant
premium to thermal coal. Construction is due to commence in Q3 CY2019,
dependent on the completion of the composite funding plan.
A further Makhado Project key milestone attained during the Quarter was the
purchase of the key Lukin and Salaita properties. This clears a major hurdle
for the development of Phase 2, the previous Makhado ‘Lite’ project, and
results in MC Mining owning all four properties where Makhado opencast mining
and processing operations will take place. The Company is now in a position
to undertake the necessary geotechnical confirmatory drilling for the siting
of the east and central pits as well as the processing infrastructure. Phase
2 is expected to commence in circa CY2022 and will produce an estimated 4Mtpa
of ROM coal.
The integration of Uitkomst underground mining operations continued during
the Quarter and included the optimization of mining cycles. The various
initiatives implemented have yielded adequate progress in ROM coal production
and their effectiveness will continue to be assessed during the June 2019
quarter. Following the pleasing completion of processing plant modifications
during the Quarter, Uitkomst coal sales volumes were supplemented by the
first sales of a high ash middlings product. This will increase overall ROM
coal yields and is expected to add an additional 40,000t of saleable product
per year.”
QUARTERLY COMMENTARY
Uitkomst Colliery – Utrecht Coalfields (70% owned)
Uitkomst recorded three LTIs during the Quarter (FY2019 Q2: one LTI) and
management continued its focus on safety with further training at the
colliery during the period.
Coal produced at Uitkomst is sold into the domestic metallurgical and thermal
markets. The underground mining contractor operations acquired in H1 FY2019
resulted in the integration of staff, assets and systems. The re-organisation
of underground mining operations via the implementation of alternative shift
programmes and improved asset availability yielded adequate progress during
the Quarter and their effectiveness will be with further assessed during the
next three months.
The ROM coal production was similar to the comparable period in the previous
financial year (113,190t vs. 115,750t) and no ROM coal was purchased from
third parties (FY2018 Q3: 8,838t) due to the expiry of a coal supply agreement
in the prior year. The ROM coal generated sales of 70,271t (FY2018 Q3:
70,627t) comprising 61,956t of low-grade metallurgical coal sales and a
further 8,315t (FY2018 Q3: nil) of high ash (middlings) thermal coal sales.
These high ash coal sales originate from plant modifications completed during
the Quarter, extracting saleable coal from the plant discard and increasing
overall yield of the Uitkomst ROM coal. The colliery continues to evaluate
potential alternative suppliers of third party ROM coal for blending or
processing and the comparable period’s sales includes 7,024t (FY2019 Q3:
nil) derived from purchased ROM coal.
Uitkomst’s revenue/t was adversely affected by declining international
thermal coal prices during the Quarter. The API#4 coal price decreased from
an average of $94/t for Q3 FY2018 to $83/t for the Quarter. However the
revenue/t in Rand terms was assisted by a weakening of the ZAR against the
US dollar during the three months. Production costs benefitted from the
inclusion of the high ash middlings volumes which increased overall yield as
well as the weakening of the Rand, declining to $50/t (FY2018 Q3: $74/t).
Quarter to Quarter to
end-March end-March
2019 2018 %
Production tonnages
Uitkomst ROM (t) 113 190 115 750 (2%)
Purchased ROM to blend (t) - 8 838 (100%)
113 190 124 588 (9%)
Sales tonnages
Own ROM (t) 61,956 63 603 (3%)
Purchased ROM to blend (t) - 7 024 (100%)
High ash middlings (t) 8,315 - 100%
70 271 70 627 (1%)
Quarter financial metrics
Revenue/t ($) 75.20 86.99 (14%)
Revenue/t (ZAR) 1 054 1 044 1%
Production cost/ROM tonnes
50.17 74.07 17%
($)^
^ costs are all South African Rand based
The estimated 16-years Uitkomst Colliery life of mine includes the
development of a north adit (horizontal shaft) and the colliery awaits the
granting of the Integrated Water Use License prior to this development
commencing.
Makhado Hard Coking Coal Project – Soutpansberg Coalfield (95% owned - 69%
post BEE and Industrial Development Corporation Limited transactions)
The Makhado Project recorded no LTIs (FY2019 Q2: nil) during the Quarter.
South Africa produces significant quantities of thermal coal but has a very
limited domestic supply of high-quality metallurgical coal and once
developed, Makhado will be the only significant HCC mine in the country. The
project will also provide significant direct and indirect benefits to
communities located in an area with significant unemployment levels and is
expected to create approximately 650 permanent job opportunities.
The previously announced the Makhado ‘Lite’ Project envisaged producing
4.0Mtpa of ROM coal from the east and central pits, yielding 1.6 to 1.8Mtpa
of saleable product. The development of Makhado Lite was delayed for
approximately one year primarily due to lack of access to two key properties
where the east and central pits, processing and other infrastructure would
be located. Management undertook various strategies to secure access and
assessed potential alternative project development plans, including the
phased development of Makhado.
This resulted in the Company’s directors conditionally approving the
development of Phase 1 of the Makhado Project during the Quarter. Phase 1
entails the construction of the west pit and trucking of ROM coal to the
existing, modified Vele Colliery for final processing, significantly reducing
capital funding requirements. The development of Makhado in phases
accelerates the time to market by at least 18 months compared to Makhado
Lite, achieving MC Mining’s stated strategy of self-sufficiency while
ensuring continued scalability of the project. The east and central pits
will be developed in Phase 2, essentially the Makhado ‘Lite’ project, in
circa CY2022.
The development of Phase 1 shortens the construction phase, reducing the
period for delivery of saleable coal to market and utilises previously tested
road and rail infrastructure. The accelerated development period is achieved
as no additional confirmatory geotechnical drilling is required for Phase 1
(this was completed in the December 2018 quarter), the existing Vele Colliery
plant is used and the FEED process has been completed.
Phase 1 will generate an estimated 3Mtpa of ROM coal that will be scalped at
Makhado, removing the coarse parting and waste. The resulting circa 2Mtpa of
coal will be transported to the Vele Colliery for further processing at the
modified plant. The Vele plant modifications will facilitate the simultaneous
production of approximately 0.54Mtpa of HCC and 0.57Mtpa of 5,500 kcal export
quality thermal coal that will be transported to the Musina siding for sale.
Construction of the Phase 1 west pit and Vele Colliery plant modifications
will occur simultaneously and take nine months to complete. The construction
costs were assessed in the FEED process completed by DRA Global during the
Quarter while Phase 1 mining, processing and transport functions will be
outsourced to experienced third parties who have previously operated in South
Africa. Makhado Phase 1 generates significant near-term cash flows, resulting
in an IRR in excess 45% while the payback of peak funding is less than 2.5
years.
The various work streams required for construction of Phase 1 are underway
and includes finalisation of composite funding arrangements. MC Mining is
considering various debt/equity funding options for the R460 million ($33.5
million*) Phase 1 peak funding which excludes repayment of the existing
Industrial Development Corporation of South Africa Limited loan.
The Phase 1 thermal off-take agreement was concluded in April 2019 with the
signature of a coal purchase agreement with one of the world’s largest bulk
commodity production and marketing companies. The funding arrangements are
expected to be completed in Q3 CY2019 and will facilitate the construction
commencing later in the same quarter.
The delays in obtaining access to the key Lukin and Salaita properties
hindered the development of Makhado Lite as it prevented the completion of
studies to confirm amongst others, the positioning of processing plant
infrastructure. Access was resolved during the Quarter with the transfer of
the key farms to Baobab, ensuring that the Company owns all four properties
required for Makhado opencast mining and processing operations.
Vele Coking and Thermal Coal Colliery – Limpopo (Tuli) Coalfield (100% owned)
The Vele Colliery remained on care and maintenance during the Quarter and no
LTIs were recorded during the period (FY2019 Q2: nil).
No further developments to report during the Quarter.
Greater Soutpansberg Project – Soutpansberg Coalfield (74% owned)
The Greater Soutpansberg Project (“GSP”) recorded no LTIs (FY2019 Q2: nil)
during the Quarter.
The Chapudi, Mopane and Generaal Projects comprise MC Mining’s longer-term
coking and thermal GSP. The GSP contains over 6.3 billion gross tonnes in
situ of inferred coal resources1 and mining right applications for the three
project areas were submitted to the Department of Mineral Resources during
2013. The Chapudi Project mining right was granted in December 2018 and the
Mopane and Generaal Project mining right applications are at an advanced
stage and the Company anticipates that these will be granted in the near
future.
Corporate
Sam Randazzo was appointed as an independent non-executive director MC Mining
during the Quarter. He has over 25 years' experience in the mining industry
including executive director positions of ASX, TSX and AIM listed companies
as well as diverse international operational management experience.
Markets
The average premium HCC price was above $200/t during the Quarter (FY2018
Q3: $228/t) and based on market fundamentals, long-term forecasts continue
to reflect favourable pricing. The API#4 thermal coal price was adversely
affected by geopolitical dynamics impacting short-term global supply and
demand due to a reduction in Chinese thermal coal imports, particularly from
Australia. The average API#4 coal price reduced from $96/t in the December
2018 period to $83/t for the Quarter (FY2018 Q3: $94/t) with a low of $64/t
at the end of March 2019. Thermal coal prices improved during April 2019 and
at reporting date the average API#4 forward price for the June 2019 quarter
was approximately $72/t.
Authorised by
David Brown
Chief Executive Officer
For more information contact:
David Brown Chief Executive MC Mining Limited +27 10 003 8000
Officer
Brenda Berlin Chief Financial MC Mining Limited +27 10 003 8000
Officer
Tony Bevan Company Secretary Endeavour Corporate +61 08 9316
Services 9100
Company advisors:
Jos Simson/ Gareth Financial PR Tavistock +44 20 7920
Tredway (United Kingdom) 3150
Ross Allister/David Nominated Adviser Peel Hunt LLP +44 20 7418
McKeown and Broker 8900
Charmane Russell/Olwen Financial PR R&A Strategic +27 11 880 3924
Auret (South Africa) Communications
Investec Bank Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining is an AIM/ASX/JSE listed coal exploration, development and mining company
operating in South Africa. MC Mining’s key projects include the Uitkomst Colliery
(metallurgical coal), Makhado Project (coking and thermal coal). Vele Colliery (coking
and thermal coal), and the Greater Soutpansberg Projects (coking and thermal coal).
Forward-Looking Statements
This Announcement, including information included or incorporated by reference in
this Announcement, may contain "forward-looking statements" concerning MC Mining that
are subject to risks and uncertainties. Generally, the words "will", "may", "should",
"continue", "believes", "expects", "intends", "anticipates" or similar expressions
identify forward-looking statements. These forward-looking statements involve risks
and uncertainties that could cause actual results to differ materially from those
expressed in the forward-looking statements. Many of these risks and uncertainties
relate to factors that are beyond MC Mining’s ability to control or estimate
precisely, such as future market conditions, changes in regulatory environment and
the behaviour of other market participants. MC Mining cannot give any assurance that
such forward-looking statements will prove to have been correct. The reader is
cautioned not to place undue reliance on these forward looking statements. MC Mining
assumes no obligation and do not undertake any obligation to update or revise publicly
any of the forward-looking statements set out herein, whether as a result of new
information, future events or otherwise, except to the extent legally required.
Statements of intention
Statements of intention are statements of current intentions only, which may change
as new information becomes available or circumstances change.
MC Mining has ensured that the mineral resources quoted are subject to good governance
arrangements and internal control. The Company has engaged external independent
consultants to update the mineral resource in accordance with the JORC Code 2012 and
SAMREC 2016. The units of measure in this report are metric, with Tonnes (t) =
1,000kg. Technical information that requires subsequent calculations to derive
subtotals, totals and weighted averages may involve a degree of rounding and
consequently introduce an error. Where such errors occur MC Mining does not consider
them to be material.
Coal Resources completed for the Greater Soutpansberg Project - Mineral Resources:
MC Mining completed a review and update to its Mineral Resource for the GSP during
2017. The review and verification was undertaken by Venmyn Deloitte (Pty) Ltd,
commissioned to prepare an Independent Competent Persons report in accordance with
the AIM Rules. The Coal Resources for the GSP assets were estimated and signed-off
by MC Mining's Competent Person, Mr J Sparrow (Pr.Sci.Nat.), MC Mining's Group
Geologist.
1 The GSP independent Competent Persons Report can be found on the Company’s website:
http://www.mcmining.co.za/our-business/projects/gsp-mbeu-yashu
* assumes R13.75/$
Tenements held by MC Mining and its Controlled Entities
Change
Project during
Name Tenement Number Location Interest Quarter
Chapudi Albert 686 MS Limpopo~ 74%
Project* Bergwater 712 MS 74%
Remaining Extent and Portion 2 of 74%
Bergwater 697 MS
Blackstone Edge 705 MS 74%
Remaining Extent & Portion 1 of 74%
Bluebell 480 MS
Remaining Extent & Portion 1 of 74%
Bushy Rise 702 MS
Castle Koppies 652 MS 74%
Chapudi 752 MS 74%
Remaining Extent, Portions 1, 3 & 74%
4 of Coniston 699 MS
Driehoek 631 MS 74%
Remaining Extent of Dorps-rivier 74%
696 MS
Enfield 512 MS (consolidation of 74%
Remaining Extent of Enfield 474
MS, Brosdoorn 682 MS & Remaining
Extent of Grootvlei 684 MS)
Remaining Extent and Portion 1 of 74%
Grootboomen 476 MS 74%
Grootvlei 684 MS 74%
Kalkbult 709 MS 74%
Remaining Extent, Remaining Extent 74%
of Portion 2, Remaining Extent of
Portion 3, Portions 1, 4, 5, 6, 7
& 8 of Kliprivier 692 MS
Remaining Extent of Koodoobult 664 74%
MS
Koschade 657 MS (Was Mapani Kop 74%
656 MS)
Malapchani 659 MS 74%
Mapani Ridge 660 MS 74%
Melrose 469 MS 74%
Middelfontein 683 MS 74%
Mountain View 706 MS 74%
M'tamba Vlei 654 MS 74%
Remaining Extent & Portion 1 of 74%
Pienaar 635 MS
Remaining Extent & Portion 1 of 74%
Prince's Hill 704 MS
Qualipan 655 MS 74%
Queensdale 707 MS 74%
Remaining Extent & Portion 1 of 74%
Ridge End 662 MS
Remaining Extent & Portion 1 of 74%
Rochdale 700 MS
Sandilands 708 MS 74%
Portions 1 & 2 of Sandpan 687 MS 74%
Sandstone Edge 658 MS 74%
Remaining Extent of Portions 2 & 3 74%
of Sterkstroom 689 MS
Sutherland 693 MS 74%
Remaining Extent & Portion 1 of 74%
Varkfontein 671 MS
Remaining Extent, Portion 2, 74%
Remaining Extent of Portion 1 of
Vastval 477 MS
Vleifontein 691 MS 74%
Ptn 3, 4, 5 & 6 of Waterpoort 695 74%
MS
Wildebeesthoek 661 MS 74%
10
Change
Project during
Name Tenement Number Location Interest Quarter
Woodlands 701 MS 74%
Kanowna M27/41 Coolgardie^ 2.99%
West and M27/47 2.99%
Kalbara M27/59 2.99%
M27/72,27/73 2.99%
M27/114 2.99%
M27/181 7.24% (0.64%)
M27/196 2.99%
M27/414,27/415 2.99%
P27/1826-1829 2.99%
P27/1830-1842 2.99%
P27/1887 2.99%
Abbotshall ML63/409,410 Norseman^ Royalty
Royalty
Kookynie ML40/061 Leonora^ Royalty
Royalty ML40/135,136 Royalty
Makhado Fripp 645 MS Limpopo~ 69%#
Project Lukin 643 MS 69%#
Mutamba 668 MS 69%#
Salaita 188 MT 69%#
Tanga 849 MS 69%#
Daru 848 MS 69%#
Windhoek 847 MS 69%#
Generaal Beck 568 MS-- Limpopo~ 74%
Project* Bekaf 650 MS- 74%
Remaining Extent & Portion 1 of 74%
Boas 642 MS-
Chase 576 MS- 74%
Coen Britz 646 MS- 74%
Fanie 578 MS- 74%
Portions 1, 2 and Remaining Extent 74%
of Generaal 587 MS-
Joffre 584 MS- 74%
Juliana 647 MS 74%
Kleinenberg 636 MS- 74%
Remaining Extent of Maseri Pan 520 74%
MS-
Remaining Extent and Portion 2 of 100%
Mount Stuart 153 MT--
Nakab 184 MT-- 100%
Phantom 640 MS-- 74%
Riet 182 MT-- 100%
Rissik 637 MS- 100%
Schuitdrift 179 MT- 100%
Septimus 156 MT-- 100%
Solitude 111 MT- 74%
Stayt 183 MT-- 100%
Remaining Extent & Portion 1 of 100%
Terblanche 155 MT--
Van Deventer 641 MS- 74%
Wildgoose 577 MS- 74%
Mopane Ancaster 501 MS-- Limpopo~ 100%
Project* Banff 502 MS- 74%
Bierman 599 MS- 74%
Cavan 508 MS 100%
Cohen 591 MS-- 100%
Remaining Extent, Portions 1 & 2 74%
of Delft 499 MS-
Dreyer 526 MS-- 74%
Remaining Extent of Du Toit 563 74%
MS-
Change
Project during
Name Tenement Number Location Interest Quarter
Faure 562 MS 74%
Remaining Extent and Portion 1 of 74%
Goosen 530 MS --
Hermanus 533 MS- 74%
Jutland 536 MS-- 100%
Krige 495 MS- 74%
Mons 557 MS- 100%
Remaining Extent of Otto 560 MS 74%
(Now Honeymoon)-
Remaining Extent & Portion 1 of 74%
Pretorius 531 MS-
Schalk 542 MS- 74%
Stubbs 558 MS- 100%
Ursa Minor 551 MS-- 74%
Van Heerden 519 MS-- 74%
Portions 1, 3, 4, 5, 6, 7, 8, 9, 74%
Remaining Extent of Portion 10,
Portions 13, 14, 15, 16, 17, 18,
19, 20, 21, 22, 23, 24, 26, 27,
29, 30, 35, 36, 37, 38, 39, 40,
41, 44, 45, 46, 48, 49, 50, 51, 52
& 54 of Vera 815 MS
Remaining Extent of Verdun 535 MS- 74%
Voorburg 503 MS— 100%
Scheveningen 500 MS- 74%
Uitkomst Portion 3 (of 2) of Kweekspruit KwaZulu- 70%
Colliery No. 22 Natal~
and Portion 8 (of 1) of Kweekspruit 70%
prospects No. 22
Remainder of Portion 1 of Uitkomst 70%
No. 95
Portion 5 (of 2) of Uitkomst No. 70%
95
Remainder Portion1 of Vaalbank No. 70%
103
Portion 4 (of 1) of Vaalbank No. 70%
103
Portion 5 (of 1) of Vaalbank No. 70%
103
Remainder of Portion 1 of 70%
Rustverwacht No. 151
Remainder of Portion 2 of 70%
Rustverwacht No. 151
Remainder of Portion 3 (of 1) of 70%
Rustverwacht No. 151
Portion 4 (of 1) Rustverwacht 70%
No.151
Portion 5 (of 1) Rustverwacht No. 70%
151
Remainder of Portion 6 (of 1) of 70%
Rustverwacht No. 151
Portion 7 (of 1) of Rustverwacht 70%
No. 151
Portion 8 (of 2) of Rustverwacht 70%
No. 151
Remainder of Portion 9 (of 2) of 70%
Rustverwacht No. 151
Portion 11 (of 6) of Rustverwacht 70%
No. 151
Portion 12 (of 9) of Rustverwacht 70%
No. 151
Portion 13 (of 2) of Rustverwacht 70%
No. 151
Portion 14 (of 2) of Rustverwacht 70%
No. 151
Change
Project during
Name Tenement Number Location Interest Quarter
Portion 15 (of 3) of Rustverwacht 70%
No. 151
Portion 16 (of 3) of Rustverwacht 70%
No. 151
Portion 17 (of 2) of Rustverwacht 70%
No. 151
Portion 18 (of 3) of Waterval No. 70%
157
Remainder of Portion 1 of 70%
Klipspruit No. 178
Remainder of Portion 4 of 70%
Klipspruit No. 178
Remainder of Portion 5 of 70%
Klipspruit No. 178
Portion 6 of Klipspruit No. 178 70%
Portion 7 (of 1) of Klipspruit No. 70%
178
Portion 8 (of 1 )of Klipspruit No. 70%
178
Portion 9 of Klipspruit No. 178 70%
Remainder of Portion 10 (of 5) of 70%
Klipspruit No. 178
Portion 11 (of 5) of Klipspruit 70%
No. 178
Portion 13 (of 4) of Klipspruit 70%
No. 178
Remainder of Portion 14 of 70%
Klipspruit No. 178
Portion 16 (of 14) of Klipspruit 70%
No. 178
Portion 18 of Klipspruit No. 178 70%
Portion 23 of Klipspruit No. 178 70%
Remainder of Portion 1 of 70%
Jackalsdraai No. 299
Remainder of Jericho B No. 400 70%
Portion 1 of Jericho B No. 400 70%
Portion 2 of Jericho B No. 400 70%
Portion 3 of Jericho B No. 400 70%
Remainder of Jericho C No. 413 70%
Portion 1 of Jericho C No. 413 70%
Remainder of Portion 1 of Jericho 70%
A No. 414
Remainder of Portion 2 (of 1) of 70%
Jericho A No. 414
Portion 3 (of 1) of Jericho A No. 70%
414
Portion 4 (of 1) of Jericho A No. 70%
414
Portion 5 (of 2) of Jericho A No. 70%
414
Portion 6 (of 1) of Jericho A No. 70%
414
Margin No. 420 70%
Vele Portions of Overvlakte 125 MS Limpopo~ 100%
Colliery (Remaining Extent, 3, 4, 5, 6, 13,
and 14)
prospects Bergen Op Zoom 124 MS 100%
Semple 155 MS 100%
Voorspoed 836 MS 100%
Alyth 837 MS 100%
Tshikunda Certain portions of Unsurveyed Limpopo~ 60%
State Land known as Mutale
* Form part of the Greater Soutpansberg Projects
- Lapsed – Mining Right Application Lodged
-- Valid – Mining Right Application Lodged
~ Tenement located in the Republic of South Africa
^ Tenement located in Australia
# MC Mining’s interest will reduce to 69% on completion of the 26% Broad Based
BEE transaction
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